applicability of the CARO COMPANY'S AUDIOTRS REPORT ORDER 2003 in the case of the pvt ltd co having paid up capital and reserves exceeding Rs. 100 00 000/-
the turnover of the co does not exceed five cores
the co does not accejpted any public deposits
the co does not availed any loan exceeding rs. 25,00,000 from any financial institution and banks
CARO 2003 applies to private companies with paid-up capital and reserves over Rs. 50 lakh, despite low turnover and no loans. A query was raised regarding the applicability of the CARO 2003 requirements for a private limited company with paid-up capital and reserves exceeding Rs. 1 crore, turnover under Rs. 5 crore, no public deposits, and no loans over Rs. 25 lakh. One response indicated that CARO is applicable unless all exemption conditions are met, which include having paid-up capital and reserves of Rs. 50 lakh or less, no public deposits, no loans over Rs. 10 lakh, and turnover not exceeding Rs. 5 crore. Another response emphasized that exceeding Rs. 50 lakh in paid-up capital and reserves triggers CARO applicability. (AI Summary)
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